as our colleague, eunice yoon reported earlier, trade talks with china appear to be off.ay white house economic adviser larry kudlow said the administration is willing to meet with beijing but so far the president has not been satisfied with the results >> we are ready to negotiate and talk with china any time they are ready for serious and substantive negotiations towards free trade >> the business community h has immediately begun criticizing these tariffs. the u.s. chamber of commerce said today's decision makes clear that the administration did not heed the numerous warnings from american consumers and businesses about rising costs and lost jobs on main street mean while the consumer technology association said this will stifle global leadership and also create an internet tax on businesses and cause uncertainty for companies. president trump has said that he will retaliate if china continues to move forward with its own tariffs. we will see if the president makes good on that threat. dom, back over to you. >> larry kudlow also made some comments during his chat with

its dependence on any one person ma will remain on alibaba's board until 2020 we'll get more from eunice yoonrogers joins us about this story which gets a smidge of attention. >> you think so. >> trump v apple. >> exactly this is an epic showdown president trump tweeting this weekend, apple prices may incase because of the massive tariffs we may be imposing on china but there is an easy solution where there would be zero tax and indeed a tax incentive make your products in the united states start building new plants now. exciting the tweet came from $260 billion in chinese goods could be set into motion. apple warned the proposed tariffs would hit a wide range of the company's products. as a result, consumers would have to pay more this is a notable change after apple's ceo tim cook has pushed off trade wars cook has said he was confident that tariffs wouldn't hit the iphone which does drive most of apple's profits. shares of apple's profits could drop more than 3%, brian. >> tim cook is not i don't want to say friends with the president but the president has gone after jeff bezos of amazon,

let's get right down to eunice yoon live in beijing with the reaction there eunice >> reporter: thanksmuch, brian. five hours ago the u.s. started collecting tariffs on $200 billion of goods and china started taxing $60 billion worth of goods at 5 to 10% soon after that china made its position known on the trade conflict it issued a white paper,f it are going to be given out tomorrow gat a bres briefing trade bullyism, brazen intimidation and economic hegemony at the same time, the paper suggests that there are ways to improve the relationship one of the big suggestions we've heard from some time, negotiations based on mutual trust. it's become clear that the chinese believe the trust has broken down. over the weekend the chinese had decided to pull out of negotiations this week there is already a bit of shakiness around those trade talks after trump imposed tariffs. and then they imposed sanctions on china for imposing military gear th they didn't like that. they called in the u.s. ambassador they proposed military changes at this stage most of the people i've been talking to here bel

eunice yoon, thank you very much for that update on jd.com. >>> we'll stick in asia.n other tech news samsung is set to unveil a new foldable smartphone by the end of this year arjun kharpal has the details live from london i grew up in a foldable smartphone age, they were called flip phones. but this is actually a foldable phone, right >> that's right. this is a full screen that can bend samsung is a leader in this oled technology which is on many of its phones and the iphone x. the foldable screen technology will be unveiled this year, that's according to the ceo of samsung mobile i had an interview with him. he revealed some of the details to me. he didn't give me what the phone design might look like, the specs or the price, but he said more details would be coming in november in san francisco. samsung faced pressure in a slowing smartphone market. smartphone sales dropped 20% in the second quarter of this year. samsung always has been a pioneer when it comes to new technology it pioneered many large screen devices that we use today and the bezelless device it set

eunice yoon is live in beijing with more on that story. >> thank you very much china's premiere, li keqiangas speaking today and he didn't outright address the trade war with the united states or mention president trump name, instead he was referencing concerns of protectionism and repeated some promises to open up the economy and give foreign investors fair treatment li said that china would not actively weaken the yuan to help exporters or engage, he said, in competitive currency devaluations but would keep the yuan stable. what was missing in the speech is recognition that china has played a role in the rising protectionism among trading partners aside from the usual stridant editorials, there was one commentary in the communist party peoples daily argued that president trump's trade action does not necessarily impede china's own economic agenda. this is what the paper said it said china will use the trade dispute as an opportunity to replace imports, promote localization, or develop export oriented advanced manufacturing. so what often gets lost in who wins or loses in the trade war is

eunice yoon is in being for us. >> reporter: the u.s. has started taxing $200 billion worth of chinese goods, another 10%, while china is collecting tariffs between 5 and 10% on ofther $60 billion worth american goods. soon after china made its position on the trade conflict known with a comprehensive 36,000 character white par. e government will detail it further tuesday morning china time, but about half is dedicated to criticizing what it described as the u.s.'s trade bullyism, brazen unilateralism, economic hegomony and at the same time they suggested ways t improve negotiations based on mutual trust. the chineset have made clear that they believe that that mutual tru has been broken. according to sources over the weekend, the chinese decided to pull out of planned negotiations between vice premiere and u.s. treasury secretary steve mnuchin. the trade talks looked shaky after president trump announced his intentions to impose the tariffs. then the u.s. imposed sanctions on china's defense ministry for buying from russia. chines polic

for "nightly business report," i'm eunice yoon in beijing. >>> it is time to tak a look at some of today's upgrades and downgrades. dow component united health was downgraded toro neutral buy at citi. the analyst cites concerns about the commercial risk market and sees limited up side to estimates. the price target is $288. stock fell 3% to $259.73. >>> darden was downgraded to neutral from outperform at bayer. it says it may be overen ed in the short term. the price target is $120. the stock fell a fraction to $118.68. >>> foo w locker upgraded from outperform to market perform. there are fewer headwinds in europe. the price target is $58. the stock rose to $49.09. >>> still ahead, looking forb t a startup? there are a few things that you need to know. >>>ouse republica released their plans for a second round of tax cuts. the legislation propose by the house ways and means committee would make the lower individl rates permanent, eliminate the maximum age forome contributions to retirement accounts and allow for new business writeoff. >>> airlines are waiving change fees as hurricanes flor

eunice yoon is live with us from beijing with the latest. eunice >> reporter: thank you, sarah. hit the u.s. back with tariffs $60 million worth of american goods, expected to kick in one minute after the u.s.'s on september 24th the number of items hasn't changed from the original list but the rates are lower in the range of 5 to 10%, to match the u.s.'s items that were supposed to be hit with a 25% tariff, such as lng, will be hit with a 10% tariff china did say if the u.s. raises its taxes to 25% that china would match those rates. often the list, small aircraft, wheat and lng. saying this is a forced response to u.s. unilateralism and trade protectionism. chien wra hopes that the u.s. will stop trade frictions. there's been speculation that the move by trump would kill off planned negotiations in washington the man who was supposed to go to d.c. was the vice premier he is the point person for dealing with u.s. trade issues for china. however, what the widespread belief here is, is that the latest move by trump has made it so politically difficult for him to go to washington,

eunice yoon, cnbc business news, beijing. >> eunice, thank you for that.their aspirations. problem is, at what point are they able to make their own 7:37 better than boeing's >> they have made a plane. i don't know if it's better than boeing. >> that's the key. >> that's to be seen certainly >>> and investments in the chin sector and technology is going alibaba said they are making ai chips for cloud computing and that is a push to alleviate or reduce reliance on foreign-made chips. that's what jack ma said four months ago as the company was ramping up its investments in chip makers specifically we don't want to depend on the u.s. what if they stop selling. >> andwhat degree can the old tools of stimulating the economy buffer whatever export slowdown is there. that's where the market fixates. is china okay? does it look wobbly or not therefore markets can be okay. we also have to kind of get to this point of feeling like, you know, the whole trade issue can add friction to global supply chains it can be a net negative maybe it will create pockets of inflat

eunice yoon joins us with more >> hey, joe.choice but to retaliate simultaneously so that has raised expectations here that china is going to eventually hit back the u.s. with tariffs of their own on $60 billion worth of goods on the same day that president trump's tariffs kick in. that would be on september 24th. it's not official yet, but that's what the expectation is the ministry also didn't elaborate on what other countermeasures are. but one of the biggest concerns among the businesses here is that china is going to impose what they have described as qualitative measures so that's what u.s. businesses usually interpret as more tax audits or problems at the ports for for their kcustoms approval, et cetera. the other idea kicked around a lot was discussed by the finance minister over the weekend. he said china could adopt export restraints these would be restrictions on chinese companies from selling important components to american manufacturers. and one of the items that could be on that list is rare earths china is the b

. >> eunice yoon joins us now with more from beijing where chinese officials say they have no choice but to retaliate. what form could that retaliation take >> i think tariffs as well as what china described as qualitative measures the problem is china has not defined what those measures are. even when the foreign ministry was asked about it today, they would not comment. the commerce ministry issued a statement moments ago saying the tariffs would create new uncertainty for negotiations so that's just been adding to the expectations here that the trade talks that were being negotiated for next week and would set the stage for perhaps an even bigger deal are going to be called off. the vice premiere and steven mnuchin were supposed to meet, now that discussion is in jeopardy earlier today it was said the tariffs poisoned the atmosphere for negotiations so a lot of people feeling very pessimistic about what will happen next. so there are reports also today that the vice premiere had convened a meeting to try to strategize what china's next move should be china has already been signali

. >> eunice, thank you eunice yoon in beijing. >>> let's get to codom chu. >> stocks are higher on them as traders go bargain hunting for beaten-up technology names that have been hit hard over the course of the past week or so. social media and semiconductor related names are in focus but the tech sector losing steam so far. now the ticker smh is looking to try to bounce back from three straight days of losses. it's currently still slightly positive but losing some steam alongside the broader market move where we have seen more positive trading action has been with the less economically sensitive sectors of the market. if you look at the spider consumer staples, one of the best so far this month today alongside is prthe spdr utilitis fund traders will see if the theme of tech and energy weakness reverses course or if this defensive trade starts to be that focus for investors going forward. >> very interesting day today, transports and some other names, too,dom, thanks. >>> when we come back, the nfl season picking up where it left off with the president taking a shot at the league tho

eunice yoon joins us with this story. huge move. >> reporter: yeah, absolutely, becky. you know, he chose a very special day because today is jack ma's 54th birthday and it's also teacher's day here in china. so on social media people have been congratulating teacher ma and he chose the day because he wants to return to life as a teacher. for alibaba they are getting a new chairman in one year's time. he said that he is going to oversee the transition he will stay on as a bort member but he's going to pass the the folder to daniel john. he's been with the company since 2007 he's the ex-ceo of tabo and he was the coo of the company so jack ma in a letter to shareholders and others praised zhang for his mind he holds dear alibaba's mission and vision a question is whether or not daniel zhang would be able to fill jack ma's shoes alibaba and jack ma have been completely synonymous. he's always been the elder states man not only in the company but in the chinese tech scene. he's been the one that's been pair a chuted in if the